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Memes and responses line up on Twitter as the first-ever Bitcoin Futures ETF opens on Tuesday.

It seems like a rather glorious time for the cryptocurrency domain. And Twitter town is intend on celebrating it with fervour through a chain of reactions and responses blended with witty memes. Memes and responses found a new focus point as the first-ever Bitcoin Futures ETF opened on Tuesday, almost eight years after the very first application for a Bitcoin ETF. The first application was filed by the Winklewoss brothers in the year 2013. And now after all the years of brushing against regulations and hurdles, finally the ETF industry has got a fund that can track the Bitcoin prices. Ad usual, Twitter has been swarming with responses and reactions ever since.

Bitcoin ETF

The What, How and Why

Let me walk you through a small story so that you would be better suited to comprehend the rather significant plot twist which has taken place now. It all started back in the year 2013, when two brothers and crypto investors, Cameron and Tyler Winklevoss decided to submit a proposal so that Bitcoin could join the ETF industry which is now worth a whopping $6.8 trillion! But as the old saying goes, good things take time. And it indeed took eight years for the proposal to become a reality. Major reasons for the rejection of the proposal back then was owing to the relatively new stature Bitcoin held and the associated unfamiliarity and uncertainty. The technicalities and novel ways were quite daunting in the initial stages. Added to that was the big question of safety and security. All in all, it wasn’t really a favorable time and getting a green signal for a proposal as significant as that wasn’t exactly a cakewalk. However, times change. And with time, perceptions and perspectives take a new turn too. Despite the volatility of Bitcoin, today it is so much infused into the mainstream that saying an outright ‘no’ isn’t easy.

With cryptocurrency creating a space for itself, accompanies by the widespread popularity, the chances increased for the ETF. And the green signals began to flicker from August as the SEC Chairman Gary Gensler expressed his willingness to be more open about the ETF proposal. However, there is a catch. The green signal was for an ETF following Bitcoin futures and not Bitcoin. Although they sound almost the same, there are significant differences between the two. And now, with the vagues flicker becoming a full on green signal, the SEC has finally approved the Bitcoin Futures ETF, the celebration of which is reflected on Twitter. Let us take a look.

 

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